- Whales are buying large quantities of Dogecoin (Dogecoin) ahead of the imminent potential rise that the price has been preparing for over the past 4 years.
Whale buying - that is, large traders - of Dogecoin (Dogecoin) increased by 112% in a week following the relative price stability and slight fluctuations over the past month, indicating growing optimism about the short-term price forecast for Dogecoin (Dogecoin). The price of this meme coin remains confined within a range between $0.176 and $0.126 without gaining enough momentum for a significant rise or fall.
According to IntoTheBlock data, the net investments of major holders of this currency increased by 111.97% over the past week, indicating renewed interest from institutional players in Dogecoin (Dogecoin).
The net investments of major holders of Dogecoin (Dogecoin) increased over the week, source: Intotheblock. With the extension of the deadline for the tariffs announced by Trump on 'Liberation Day,' and the likelihood of interest rate cuts ranging from 0.25% to 1% starting in July, the conditions of fear, uncertainty, and doubt (FUD) in the macroeconomic landscape are receding in favor of risk conditions.
The influence of general sector conditions on Dogecoin (Dogecoin) increases the interest in speculating on its price due to these optimistic developments, with the value of open futures contracts for this currency rising to over $2 billion for the first time since June, marking a 21% increase since the beginning of this month, according to Coinglass data.
The value of open futures contracts for Dogecoin (Dogecoin) continues to rise in July, source: Coinglass. Additionally, derivatives traders are showing increasing interest in the price movements of this currency, with the positive funding rate of 0.21% indicating sustained demand for speculative long positions, suggesting that traders are betting significantly on the price increase of Dogecoin (Dogecoin).
Technical analysis of the price of Dogecoin (Dogecoin): Why are traders betting on its rise?
The increasing interest in derivatives contracts and institutional investments in Dogecoin (Dogecoin) comes as its price looks to confirm a breakout from the cup and handle pattern that has been ongoing for 4 years.
The price is now approaching a very important area where the historical support level that has persisted since mid-2024 intersects with the upper line of the handle. If the price manages to stay above this level, it may rise towards the target level for this pattern at $0.75, representing a 345% increase compared to current levels. These optimistic forecasts are reinforced by momentum indicators, with the Relative Strength Index (RSI) - currently at 43 - rising towards the neutral line, indicating a reduction in selling pressure following strong buyer intervention.
After the MACD provided a false signal, this indicator is now approaching the signal line, suggesting in the weekly price chart the potential for an increase in the strength of the long-term bullish trend.
The price needs a strong catalyst to reach these high levels, and the decision of the Securities and Exchange Commission (SEC) regarding the establishment of spot DOGE ETFs is likely to play an important role.
The price needs to break through the next resistance level at $0.186 to continue rising strongly. If the price fails to breach this level, it may decline towards the historical support zone again. If it falls below it, it may continue to drop towards the next significant support level - coinciding with its mid-2024 low - at $0.09, representing a 45% decrease compared to current levels.
The post Dogecoin (Dogecoin-DOGE) price forecast with an increase in whale activities by 112%, and the potential for a price increase of 345%.